Question

In at least 500 of your own words, define the term “compensation.” Next, explain the differences between strategic and tactical compensation, and give at least three examples of core compensation practices and at least three examples of employee benefits practices.

Answer 1

Compensation provides an ethical support to the Employees overall job profile. Specific term can be considered as a very essential term for an organisation as it provides a Basic support for employees. By providing compensation an organisation can easily increase its overall ethical position in an employee is my in which would directly create a feeling of loyalty towards the organisation and boost the overall efficiency of the specific organisation as well. Best specific boost in the loyality would directly provide additional support to the company in portfolio and job done by the employees.

Compensation also plays an effective role in creating a better ethical working environment for an employee family as well as its background as it provides a Basic support to the family of the employee to stand up on their own if any mashup is happen inside the organisation. By having the specific program in your company you can easily increase the company's moral values as the compensation is directly related to the ethical values of a company. By providing high compensation a company can directly create a feeling of loyalty in an employee is mine and this specific feeling would directly affect the company is productivity as the customer directly involve itself into the organisational structure and work hard for the organisation as it knows that the company is also providing compensation for all the things he's doing for the organisation.

Provision of the compensation from the skilled employees in the organisation to the lower class employees such as workers as well as labour in your organisation could be benefited by the same program. This hierarchial compensation method easily increase in the overall involvement of the organisation into a person's life. And directly increases the level of involvement of the specific employee in the company's task which directly increases the overall effectiveness of the program inside an organisation.

Compensation also provides a support to the insurance programs which are taken by the organisation towards the employees need. If anything wrong happens in the organisation structure then the overall load of the compensation would be there by the insurance company and does not harm the overall effectiveness of the cost effective program for the companies portfolio.

All in all we can see that the compensation program is a very essential task for an organisation to carry out. By giving out the compensations to the Employees for the specific problems as well as issues can be very beneficial by maintaining loyalty towards the specific organisation. Specific process also increases the level of implementation and involvement of new innovation inside an organisation as an employee work real hard for the organisation after knowing that the organisation is also supporting the basic needs.